TMI Blog1935 (1) TMI 18X X X X Extracts X X X X X X X X Extracts X X X X ..... concern which finds itself in financial difficulties. The order for the holding of this meeting was made by this Court and it is said that a certain scheme was approved of by the necessary statutory majority of the creditors present. There is no need to go into the scheme in its details. It is opposed by a gentleman who is a creditor of the company. He is a decree-holder for a debt of Rs. 5,000. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nstitutes, together with several decree-holders, a separate class which has not been considered apart from other creditors who are for the most part, I think, depositors. The question before me is not res integra. It has been dealt with by decisions both in England and also in the High Court itself. It can be said to be so because the English decisions whilst interpreting a different Act, deal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid and that their interests had not been properly put forward by the three separate groups that I have mentioned. The learned judge said at page 480 of his judgment : "In my opinion the shareholders of group ( c ) constituted a separate class with separate rights under Section 120 and are not in the same position as fully paid shareholders." He added that they clearly constituted a separate c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n certain circumstances opposed to one another. I think they thought that the policyholders with unmatured rights would naturally be particularly anxious to preserve the assets of the company as against the policyholders with mature rights, who could at any time put forward their claims in full and as there were not two separate meetings for these two classes, it was held that the provisions of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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